Tonal

How it happened

Tonal makes a wall-mounted connected strength-training system and reached a valuation of about $1.9B in a 2021 round backed by investors including Amazon and L Catterton. As the connected-fitness boom cooled, it raised a sharply lower down round (reported around $550-600M, with some marks far lower), cutting its valuation by roughly two-thirds and ending its unicorn status.